Oil Plunges 4%, SpaceX IPO Retail Slice Below Hopes, DraftKings World Cup Play

Oil prices fell 4% and the Dow Jones Industrial Average gained 900 points on Thursday after President Donald Trump claimed a "great settlement" to end the Iran war, reopening the Strait of Hormuz.

Trump said at the Oval Office a signing could happen "over the next few days," though this is his 39th such claim. Frontline CEO Lars Barstad said tanker traffic through the strait could rise materially if a stable agreement is reached. The Strait currently sees 5 to 10 ships a day.

In Asia, markets surged at the open Friday. Japan's Nikkei 225 gained 4% and South Korea's Kospi soared 7%. Korea Exchange CEO Jeong Eun-bo told CNBC the recent foreign sell-off was portfolio rebalancing, not a loss of confidence.

SpaceX IPO Retail Allocation Below Expectations

SpaceX is set to debut Friday at an expected valuation of roughly $1.8 trillion. A person familiar with the matter said the company plans to allocate a percentage in the low 20s of the offering to retail buyers. That is below earlier expectations of roughly 30%. The allocation could still change. The smaller retail portion may disappoint individual investors hoping for a larger slice of the most anticipated IPO in years.

DraftKings as World Cup Betting Winner

The 2026 FIFA World Cup, expected to be the largest betting event ever, started Friday. Bernstein analyst Ian Moore wrote that DraftKings appears the clearest gambling beneficiary. Its marketing tie-ins with NBCUniversal and Telemundo's exclusive Spanish-language rights give DraftKings a privileged funnel into the highest-intent, most soccer-avid betting demographic, Moore said.

The World Cup began with Mexico vs. South Africa on Friday morning.